(PharmaNewsWire.Com, March 13, 2019 ) The overall cannabis testing market expected to reach USD 1,416.3 million by 2021 from USD 822.0 million in 2016, at a CAGR of 11.5% of during the forecast period (2016-2021).
Owing to various social and political factors, cannabis has been banned in most countries since the early 1900s. At present, many countries are increasingly recognizing the benefits of cannabis for medicinal purposes and are hence approving its use. As of January 2015, 23 states in the U.S. along with the District of Columbia as well as Canada and various European countries have legalized the use of cannabis for medical applications. Thus, growing approval for the use of medical cannabis will create a demand for analytical testing for safety for human consumption. The base year considered for the study is 2015, and the forecast has been provided for the period between 2016 and 2021.
Legalization fo medical cannabis coupled with the growing number of cannabis testing laboratories
Medical cannabis is proven to be effective in various medical applications, such as reducing nausea caused due to chemotherapy, stimulating appetite in AIDS patients, controlling muscular spasms in multiple sclerosis patients, and reducing intraocular pressure in patients with glaucoma. Owing to these potential health benefits, governments in various countries are legalizing the use of medical cannabis. Countries including Australia (2016), Canada (2015), North Korea, Spain, Portugal (2001), the U.K. (2006), Germany (awaiting approval by the end of 2017), Italy, the Netherlands, Israel, and Brazil have legalized the use of medical cannabis in recent years. Moreover, in the U.S., 25 states have legalized medical cannabis; four states Colorado, Washington, Oregon, and Alaska—have legalized cannabis for both medical and recreational use.
The following are the major objectives of the study : Cannabis Testing Market
-To define, describe, and forecast the global cannabis testing market on the basis of product and software, service, end user, and region -To provide detailed information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges) -To strategically analyze micromarkets1 with respect to individual growth trends, future prospects, and contributions to the overall market -To analyze the opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders -To forecast the market size of market segments with respect to four main regions (along with the countries), namely, North America, Europe, Asia-Pacific, and LATAM & MEA -To profile key players and comprehensively analyze their product portfolios, market positions, and core competencies -To track and analyze competitive developments such as agreements, partnerships, collaborations, alliances, and joint ventures; mergers and acquisitions; new product developments; expansions; and R&D activities in the global cannabis testing market
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